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Useful Advices - The Art of Making Prospects vs. Selling
Communication for business development purposes is a very specialized area. When I was a bank consultant establishing private banks around the nation, one of the first things I did after signing a contract with a bank was to sit down and review all of the written communications piece
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
s sent to clients, prospects, and to strangers.
The purpose of a business development letter is to create prospects. The purpose of a sales letter is to sell your company and its products to prospects. Most marketers confuse the two. They are two separate letters. Marketers think a
The purpose of a business development letter is to create prospects. The purpose of a sales letter is to sell your company and its products to prospects. Most marketers confuse the two. They are two separate letters. Marketers think a
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
business development letter sells products. It does not... at least, the effective ones do not. Instead, business development letters sell credibility and reputation. Business development letters make people want to hear about your products (sales are then achieved via sales letters)
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
.
Most bank marketers I worked with did not understand that simple fact. I have come to realize that most marketers do not understand the purpose of sales versus business development letters. Even the most sophisticated bank marketers in New York, San Francisco, Dallas and Chicago d
Most bank marketers I worked with did not understand that simple fact. I have come to realize that most marketers do not understand the purpose of sales versus business development letters. Even the most sophisticated bank marketers in New York, San Francisco, Dallas and Chicago d
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
id not understand. They thought business development and sales letters to be the same thing. They are not.
The first and most basic rule of business development communication is this: The recipient of a letter is not a prospect to whom something can be sold. He or she is a stranger.
The first and most basic rule of business development communication is this: The recipient of a letter is not a prospect to whom something can be sold. He or she is a stranger.
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
To become a prospect, a response to a business development effort -- letter or sales call -- must be received. If you are mass marketing, you can make sales to strangers rather than prospects (developed via business development calls and/or correspondence)... but it is a very expens
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ive effort.
The second rule is that business development letters talk about the recipient and that person’s needs. You establish your credibility and get a positive reaction from them by proving you know about their needs.
A sales letter talks about your company and your products a
The second rule is that business development letters talk about the recipient and that person’s needs. You establish your credibility and get a positive reaction from them by proving you know about their needs.
A sales letter talks about your company and your products a
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
nd how they fill client needs. Sales letters are sent to prospects, not strangers. The biggest mistake marketers make is to try and turn business development letters into sales letters.
The best private banks in the country specialize by client occupation. Physicians, accountants, l
The best private banks in the country specialize by client occupation. Physicians, accountants, l
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
awyers, corporate executives, small business owners, entrepreneurs were all targeted for business development. We narrowed our definition of segments served. We had one private banker who served the needs of surgeons only. Another served non-surgeons. The same was true of CPAs and la
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
wyers… small, independent firms were handled by one banker.
Those employed by larger firms were handled by another private banker. Each group’s problems are different. Our message to them was designed to deal with their needs, not our products. Thus, the more specialized we could be
Those employed by larger firms were handled by another private banker. Each group’s problems are different. Our message to them was designed to deal with their needs, not our products. Thus, the more specialized we could be
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
, the more specific we could get about their needs. That means we could more effectively sell people on becoming clients.
A lot of marketers write business development letters from the perspective of high quality service clients can expect from their company. Big shock... people, es
A lot of marketers write business development letters from the perspective of high quality service clients can expect from their company. Big shock... people, es
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
pecially affluent people, expect quality service. It is not a sales or business development point. And, it is very easy for a competitor to write a letter that makes yours look pretty bad by referring to client needs (which hints at expertise... for which people are willing to pay).
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
If you write a business development letter that speaks in general about your high quality of service and I write a business development letter that accurately points out some of the problems you deal with in your every day business life, which do you think has the best chance of gett
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ing read? Such are the advantages of market segmentation.
Viewing market segmentation, business development and sales as three distinctly different parts of a process is as effective for companies selling office furniture or computer equipment as it is for private banks. Know your m
Viewing market segmentation, business development and sales as three distinctly different parts of a process is as effective for companies selling office furniture or computer equipment as it is for private banks. Know your m
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
arket segments. Find out what motivates them. With most successful business people, “time is money” is almost always a motivator because most successful people are very busy.
It is an art to write an effective business development letter. It is difficult to explain the business adva
It is an art to write an effective business development letter. It is difficult to explain the business adva
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
ntages you have to offer while talking about the letter’s recipient… someone you’ve never met. The temptation is to talk about you and your products -- a guaranteed way to get the letter thrown away. Talk about them and what they need and your letter gets read.
Business development
Business development
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
letters need to drip with credibility. For example, you do not on the one hand say “Your time is money,” and on the other hand say, “…and I’d like to stop by your office during business hours to waste some of your time.” Instead, you tell a time is money person you will be glad to me
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
et them early in the morning, before the business day starts.
Back in the 1980s, one of the major New York banks -- one whose name you would easily recognize -- did a huge advertising campaign for private banking. The lead line was, “Now that you’ve made it, maybe you’re ready for (
Back in the 1980s, one of the major New York banks -- one whose name you would easily recognize -- did a huge advertising campaign for private banking. The lead line was, “Now that you’ve made it, maybe you’re ready for (
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
Bank Name) private banking.”
What better way to say, “We, the big, important bank think little old you may be important enough to bank with us.” Not exactly a theme designed to stroke the ego of the customer (and successful people have strong egos). I’m sure it made the bank feel im
What better way to say, “We, the big, important bank think little old you may be important enough to bank with us.” Not exactly a theme designed to stroke the ego of the customer (and successful people have strong egos). I’m sure it made the bank feel im
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
portant.
The final rule of a good business development letter: Be sure it strokes the recipient’s ego, not your own. How can you do that? Count the number of times “you” rather than “I” is the subject of all sentences. The ratio should be 60-40 or 70-30 -- in favor of the recipient.
The final rule of a good business development letter: Be sure it strokes the recipient’s ego, not your own. How can you do that? Count the number of times “you” rather than “I” is the subject of all sentences. The ratio should be 60-40 or 70-30 -- in favor of the recipient.
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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